Yaydoo Consolidates Fintech B2B Presence with Oyster Financial

The Mexican B2B payment solution Yaydoo just announced the acquisition of Oyster Financial, a financial services startup that helps freelancers and SMEs in Mexico. Yaydoo will now increase its presence as a leader in payments, collections and B2B transactions, said the company. 

“The acquisition occurs because of the complementary potential between the solutions of both companies, facilitating integration with different accounting systems and ERPs,” announced Yaydoo via a press release.

Following the merge, users will be able to make payments and collections through various payment programs. Yaydoo Combined will also “power Oyster integrations and functionalities to expand its distribution channels and reach SME customers, thus reducing the financial inclusion gap by unlocking a wide range of affordable solutions that fit their respective budgets,” said Yaydoo. 

Yaydoo highlighted that with the acquisition, the company will become a leader in Latin America. Vilash Poovala, CEO, Oyster, will become the CTO of Yaydoo. Poovala has 20 years of experience in the technology industry.  Yaydoo currently offers solutions for accounts receivable, payable and business purchases in Latin America. The acquisition of Oyster Financial makes Yaydoo the largest provider of payment solutions in the Latin American B2B market.

“This acquisition consolidates our leadership in business payments and accelerates our growth, enabling dozens of thousands of companies to collect and pay through the software they already use to run their business. We are convinced that Oyster's technology and Vilash's experience will allow us to scale up our solutions to achieve the impact we seek across the American continent," said Sergio Almaguer, CEO and Co-founder, Yaydoo.

Oyster gained 67,000 clients in the two years that followed its foundation in 2018. The platform allows the reception and collection of payments in 24 hours and offers integrated solutions for administration and accounting, businesses automated customer relationship management (CRM) processes, management business activities through ERP, inventory monitoring, logistics and systems accounting. 

“We are excited to be a part of this great growth vision and look forward to use the combined solutions to help SMEs get the best in services that will benefit the entrepreneurial ecosystem, showing that there are always alternatives to invest. By merging with Yaydoo we will be able to focus on targeting platforms that already serve many of these companies that are part of our target segment,” said Poovala.